RARE ELEMENT RESOURCES Business Summary

Rare Element Resources Ltd. (REEMF) is a development-stage strategic materials company focused on establishing a domestic U.S. supply chain for critical rare earth elements (REEs) through its flagship Bear Lodge Project in Wyoming. The company’s business model is pre-revenue, currently centered on the demonstration and commercialization of its proprietary hydrometallurgical processing and separation technology, which targets high-value magnet materials such as neodymium and praseodymium (Nd/Pr). Its primary business segments are the Bear Lodge Rare Earth Project, encompassing the Bull Hill and Whitetail Ridge deposits, and the Sundance Gold Project. Within the global REE market, REEMF competes with major producers like MP Materials and Lynas Rare Earths, as well as diversified mineral processors like Energy Fuels and technology-focused developers like Ucore Rare Metals. REEMF distinguishes itself as a junior developer in the demonstration-to-permitting transition phase, uniquely supported by U.S. Department of Energy (DOE) cost-sharing and strategic alignment with the defense and energy sectors. Incorporated in 1999, the company is currently led by President and CEO Ken Mushinski, an industry veteran with over 30 years of experience in project execution and corporate planning, previously serving as President of General Atomics affiliates Quasar Resource and Cotter Corporation. The management team includes Chief Financial Officer Wayne Rich, who oversees the company’s capital strategy and recent February 2026 rights offering, and Kelli C. Kast, the Vice President and General Counsel with over 12 years of tenure at the firm. The board of directors is led by Chairman Gerald W. Grandey, former CEO of Cameco Corporation, whose background in the uranium and nuclear fuel industries provides significant strategic pedigree. Rare Element Resources is notably backed by Synchron, an affiliate of General Atomics, which serves as the majority shareholder and provides technical and financial synergy for the company’s Upton demonstration plant operations.